business
What happens if you miss a tax document?
Generally, you can expect the IRS to impose a late payment penalty of 0.5 percent per month or partial month that late taxes remain unpaid. If the 1099 in...
Read Journal 
technology insights
Why are EIN numbers taking so long?
Direct Impacts on EIN Processing As a result of the U.S. lockdown efforts from March through May of 2020, IRS offices were closed, and not processing EIN ...
Read Journal
technology insights
Can an EA be a tax manager?
An enrolled agent, or EA, is a kind of tax professional who focuses narrowly on managing tax arrangements for business or private entities. EAs boast a wi...
Read Journal
local updates
When bank statement shows a debit balance it means?
A debit balance is a negative cash balance in a checking account with a bank. Such an account is said to be overdrawn, and so is not actually allowed to h...
Read Journal
health
Are military spouses exempt from federal taxes?
So, if you meet the requirements of the Military Spouses Residency Relief Act, both your income and the military income earned by your spouse in the milit...
Read Journal
technology insights
What is the maximum amount of penalty for non filing of return after due date?
Penalty for Late Filing u/s 234F As per the changed rules notified under section 234F of the Income Tax Act which came into effect from 1 April 2017, fili...
Read Journal
technology insights
What happens if I put the wrong first name on my tax return?
The IRS matches the first 4 letters of your last name with your Social Security Number, if that is incorrect then your return will reject and you can fix ...
Read Journal
technology insights
What is the amount Social Security takes out for Medicare?
The standard Medicare Part B premium for medical insurance in 2021 is $148.50. Some people who collect Social Security benefits and have their Part B prem...
Read Journal
arts
How are capital gains taxed in Puerto Rico?
Long-term capital gains are subject to a special tax rate of 15%. In the case of long-term capital gains, Puerto Rican non-resident foreign nationals are ...
Read Journal
arts
Why does my tax refund keep going down?
There are several reasons this may happen: The IRS has adjusted your refund amount due to an offset. For tax year 2020, the IRS has suspended the requirem...
Read Journal Issue 1 Next →